Champion Bear agreement for Ontario claims
2020-02-18 16:21 ET
Mr. Richard Kantor reports
The TSX Venture Exchange has accepted for filing documentation an option agreement dated Sept. 24, 2019, between Champion Bear Resources Ltd. and 1544230 Ontario Inc. Under the agreement, Champion Bear will have the option to obtain a 100-per-cent undivided interest in mining claims located in the Kenora area of Ontario. The company is willing to provide total consideration to the vendor in scheduled payments. In the first year, the company will pay $19,000 and issue 100,000 shares. In the second year, the company will pay $16,000 and in the third year, it will pay $25,000.
The company will be subject to a 1.5-per-cent net smelter royalty in the event the claims are acquired and commercial production started, subject to a $1-million NSR buyback.
This agreement is considered an arm's-length transaction.